What does the expected value and the theoretical value of the mean have in common? In statistics, both the "expected value" and the "theoretical value of the mean" essentially represent the same concept, meaning they both predict the long-term average outcome of an experiment if repeated many times; they are essentially the same thing, just different terminology used in different contexts. The formula for expected value is: EV=P(Xi)Xi A "theoretical value of the mean" refers to the calculated mean based on a theoretical probability distribution. Reply needed